Bitcoin Cash price (BCH) has cracked the $260 resistance, which explains that the bulls are continuing to purchase at higher levels. The next level could be between $280 to $282.55. At the time of writing, the BCH price has touched $267.82 (+3.47%). Can BCH Price overtake Ethereum?
Bitcoin Cash Price Analysis: Will BCH Price touch $280?
Now, if you closely observe the daily price chart, then you will find that the BCH price has cracked the biggest hurdle in its path. The price has crossed the $260 resistance. The BCH price is still in a symmetrical triangle. This can result in either bullish or bearish. Right now, the key metrics for Bitcoin Cash price are:
24hr Change +6.53%
24hr Real Vol $190,284,772
Liquid Market cap $4,981,578,518
Liquid Supply 18,473,588
Max Supply 21,000,000
Now, if BCH price fails to touch $280 then traders could go short and if the bulls push the price above $280 then a new uptrend could be possible. However, if the bulls fail to push the Bitcoin cash price above $280 then a sudden drop to $260 could be possible. A drop below $260 will indicate instability and will show that the confined movement is likely to stay for a few more days.
Bitcoin Cash Price Analysis: Can BCH Price Overtake Ethereum?
On the other hand, major cryptocurrencies like ETH and BTC are performing exceptionally well. The Ethereum has cracked $330 on and Bitcoin price also touched the $11,400. The Ethereum price is now up by almost 41% in just 6 days and it seems that it is not stopping any time soon. The question is can BCH overtake ETH?. Well, it all depends on how trading volume behaves.
If you analyze the ETH price then you will find that one of the most significant things to examine is the notable rise in the trading volume of ETH. Looking at past efforts by Ethereum to touch $250, we can recognize that the trading volume was not high enough. Now, in the case of Bitcoin Cash, the 24 hr trading volume is $193,605,603 and that of ETH is $1,658,378,647 but there is a huge difference in reported market cap between ETH and BCH. As reported earlier, the Ethereum is now in a clear weekly uptrend and only facing the $366 resistance level and the FOMO now is far stronger than it was last time.